Momentum Builds: Euro, Pound, Energy & Indices Point the Way Higher

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Trend at a crossroads

Our pivot point is at 158.27.

Our preference:

The downside prevails as long as 158.27 is resistance, with 156.93 and 156.67 as targets

Alternative scenario:

Above 158.27, look for 158.71 and 158.97.

Comment:

Price is close to our pivot level; this could be the last opportunity for a reversal.

EURUSD

EUR/USD intraday : Target 1.1290

Our pivot point is at 1.1240.

Our preference:

The upside prevails as long as 1.1240 is support, with 1.1290 and 1.1301 as targets

Alternative scenario:

Below 1.1240, expect 1.1220 and 1.1209.

Comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price is below its 20 period moving average (1.1259) but above its 50 period moving average (1.1241).

GBPUSD

GBP/USD intraday : Pivot threshold in sight

Our pivot point is at 1.3255.

Our preference:

The upside prevails as long as 1.3255 is support, with 1.3314 and 1.3329 as targets

Alternative scenario:

Below 1.3255, expect 1.3230 and 1.3215.

Comment:

The asset's price is approaching our pivot level at a critical juncture, leaving little room for the asset to reverse its current trajectory.

CRUDE OIL

Crude Oil (WTI)‎ (X6)‎ intraday: rebound expected.

Pivot:

87.00

Our preference:

Long positions above 87.00 with targets at 92.00 & 93.60 in extension.

Alternative scenario:

Below 87.00 look for further downside with 86.00 & 85.00 as targets.

Comment:

The RSI is above its neutrality area at 50%.

GOLD

Gold intraday : 4,101 expected

Our pivot point is at 4,202.

Our preference:

The downside prevails as long as 4,202 is resistance, with 4,101 and 4,075 as targets

Alternative scenario:

Above 4,202, look for 4,245 and 4,270.

Comment:

The setup is in place, with traders now waiting for a catalyst to activate the next leg of the move.

DOW JONES

Dow Jones (CME)‎ (Z6)‎ intraday: further upside.

Pivot:

51510

Our preference:

Long positions above 51510 with targets at 52000 & 52500 in extension.

Alternative scenario:

Below 51510 look for further downside with 51145 & 50860 as targets.

Comment:

The RSI is above its neutrality area at 50%.

NASDAQ 100

Nasdaq 100 (CME)‎ (Z6)‎ intraday: further advance.

Pivot:

31280

Our preference:

Long positions above 31280 with targets at 31750 & 31900 in extension.

Alternative scenario:

Below 31280 look for further downside with 30950 & 30800 as targets.

Comment:

The RSI is above its neutrality area at 50%.

S&P 500

S&P 500 (CME)‎ (Z6)‎ intraday: towards 7925.

Pivot:

7850

Our preference:

Long positions above 7850 with targets at 7925 & 7950 in extension.

Alternative scenario:

Below 7850 look for further downside with 7810 & 7760 as targets.

Comment:

The RSI is bullish and calls for further advance.